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$860 Million Fines Handed Out in LCD Price-Fixing

eldavojohn (898314) writes | more than 4 years ago

Businesses 0

eldavojohn (898314) writes "Six companies have plead guilty to worldwide price fixing of Thin-Film Transistor-Liquid Crystal Displays from Sept. 14, 2001, to Dec. 1, 2006. For violating the Sherman Act, six companies have pleaded guilty and been fined with criminal charges of $860 Million. In addition, nine executives have been charged in this scandal and the pricing scam affected some of the largest companies at the time including Apple, HP and Dell (if you bought a TFT-LCD from them in that time frame, you may be one of the victimized consumers). From the DOJ release, 'According to the charge, Chi Mei carried out the conspiracy by agreeing during meetings, conversations and communications to charge prices of TFT-LCD panels at certain pre-determined levels and issuing price quotations in accordance with the agreements reached. As a part of the conspiracy, Chi Mei exchanged information on sales of TFT-LCD panels for the purpose of monitoring and enforcing adherence to the agreed-upon prices.'"
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